Noble Energy Shrinks Stake But Increases Drilling In Tamar Gas Field

Noble Energy is selling 3% of its stake in Israel’s Tamar gas field for US$369 million. Noble is in the process of selling down 11% of its 36% interest in the field in line with Israel’s natural gas regulations and anticipates the sale of the remaining 7% to 8% working interest over the next 36 months. Noble will retain a 25% working interest and continue to operate the Tamar field, which fuels more than half of Israel’s electricity generation.

In addition to the sell-down, Noble has announced plans to increase drilling in the Tamar Field. A consortium led by Noble Energy has approved a US$265 million project to drill a new well. Tamar 8, the field’s sixth production well, is located about 60 miles (100 km) offshore in the Mediterranean Sea and would reach a depth of about 2 miles (3.5 km) below the sea bed. The Tamar Field has estimated natural gas reserves of up to 8.4 trillion cubic feet (238 billion cubic meters). Drilling is projected to start in Q4 2016. Completion of the well and its connection to the existing pipe network is expected to take four months.

Noble Energy is an independent oil and natural gas exploration and production company with a diversified portfolio of both US unconventional and global offshore conventional assets.